The use of Debrief is subject to client consent for recording each meeting. Future versions will allow advisors to use the program on corporate devices during in-person meetings. The technology is expected to boost Morgan Stanley's growth in assets under management and client and advisor retention. However, it will take at least a year to determine whether the technology is boosting advisor productivity.
Key takeaways:
- Morgan Stanley is introducing a new AI assistant called Debrief, which will take detailed notes of advisors' meetings and automatically create draft emails and summaries.
- The program, built using OpenAI's GPT-4, will replace the manual note-taking done by advisors or junior employees during client meetings.
- Morgan Stanley's wealth management division, which hosts about 1 million Zoom calls a year, expects the program to save 30 minutes of work per meeting.
- The broader vision for Morgan Stanley's AI adoption is to create a layer of technology that seamlessly helps advisors perform all of their tasks, potentially boosting the industry's profit by $170 billion by 2028 according to a Citigroup report.